PwC US has entered into a definitive agreement to acquire the assets of Kunai, a software consultancy focused on the financial services industry. The move is intended to strengthen PwC's ability to deliver technology-heavy transformation projects for its banking and financial sector clients.
Founded in 2015, Kunai provides services including mobile and web product development, AI and automation, cloud engineering, data engineering, and core banking systems modernization. The acquisition will integrate Kunai's team of product managers, software engineers, and designers into PwC's advisory practice.
The deal reflects a growing demand from financial institutions for comprehensive updates to their core technology platforms, including the integration of artificial intelligence.
“The acquisition of Kunai accelerates our strategy to lead in tech-enabled transformation within the Financial Services sector,” said Tyson Cornell, PwC US Advisory Leader, in a prepared statement. “This move positions PwC to meet growing client demand for end-to-end transformation services—helping banks and financial institutions modernize core systems and embrace AI so they can unlock new value at speed and scale.”
For Kunai, the deal provides access to PwC's larger client base and global resources. “Joining forces with PwC represents an exciting new chapter for Kunai,” said Sandeep Sood, CEO of Kunai. “With access to PwC’s extensive resources and global network, we’re poised to accelerate innovation and amplify the impact we deliver to clients.
This acquisition is the latest in a series of technology-focused purchases by PwC. It follows other recent deals for firms like Surfaceink, Sagence, Netrovert, ACTS, and EagleDream, indicating a consistent strategy to acquire specialized engineering, data analytics, and cloud capabilities rather than building them entirely in-house. This approach allows the firm to more rapidly deploy technical expertise on client engagements.
The transaction is subject to customary closing conditions. The financial terms of the deal were not disclosed.
SOURCE: PwC
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